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Capturing and Utilizing CO2 from Ethanol: Adding Economic Value and Jobs to Rural Economies and Communities While Reducing Emissions Congress would provide $35 per MT for CO2 stored through EOR and $35 or $50 per MT stored through saline storage.6 Based on the Work Group’s analysis of the costs of CO2 capture, dehydration, compression and pipeline transport from fermentation, these credit values could have a significant impact on a typical ethanol plant’s ability to capture carbon and participate in EOR markets and, potentially, to store CO2 in saline formations without revenue from sale of CO2 to the oil industry. In addition, access to tax-exempt PABs and the MLP business structure could further enhance the commercial feasibility of deployment. The absence of pipeline infrastructure in key states and regions poses a further obstacle to scaling up carbon management in ethanol production. The Work Group released a paper earlier this year recommending that Congress and the Administration incorporate and prioritize the buildout of long-distance, large-volume CO2 pipelines as part of a broader national infrastructure agenda; help finance increased capacity for priority trunk pipelines in states and regions not currently served by such infrastructure; and identify and foster the development of five priority CO2 pipeline corridors through support for planning, permitting, and financing. At the state level, policies to reduce the carbon intensity of transportation fuels, particularly low- carbon fuel standard (LCFS) policies, could complement federal incentives in stimulating private investment in carbon capture and CO2 pipeline infrastructure. In some cases, such as California’s LCFS, carbon credits valued at approximately $80 per MT could drive project deployment, with or without additional federal policy. The relative impact and benefit of LCFS policies in California and other jurisdictions depends largely on the regulatory framework that accompanies their implementation. The Work Group has significant concerns that proposed regulatory requirements in the California Air Resources Board’s (ARB) current rulemaking would make it impossible for the ethanol and EOR industries to establish a viable carbon management business model based on LCFS compliance. 6 The FUTURE Act in the Senate would increase the value of the 45Q tax credit from the current $10 per MT of CO2 for EOR storage and $20 per MT for saline storage to $35 and $50 per ton, respectively. By contrast, the Carbon Capture Act in the U.S. House would increase the credit value uniformly to $35 per MT for all types of geologic storage. While the ethanol and oil industries traditionally have different interests in energy and environmental policy, Work Group participants believe important common ground can be forged around expanding the capture and beneficial use of biogenic CO2 from ethanol production and its associated carbon management through EOR and saline storage. Federal policies recommended by the Work Group in this paper are not expected to spur construction of new corn ethanol plants or increase overall production. However, working in partnership with the EOR operators, ethanol producers and their investors could harness a revamped 45Q tax credit, together with PAB and MLP eligibility, to tap into evolving low- carbon fuel product and credit markets, positioning them to capture financially the added environmental value inherent in producing fuels with a lower carbon footprint. These policies would also foster a market- based approach to American energy independence and job creation by producing oil here at home through CO2-EOR, helping to displace current imports of more carbon-intensive imported crude and significantly reducing total emissions in the process. Federal legislative action is critical. As this paper’s analysis of the economics of carbon capture from ethanol production shows, widespread deployment will not occur without financial incentives to enhance financial feasibility and reduce market risk to investors and project developers. Carbon capture merits federal incentives and other policies comparable to those that have proven highly-effective in fostering private investment in early commercial deployment of wind, solar and other low and zero- carbon energy technologies and in achieving innovation and cost reductions. Page 8 Prepared by the State CO2-EOR Deployment Work GroupPDF Image | Capturing and Utilizing CO2 from Ethanol
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